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Travel Insurance Gross Written Premiums Are Forecast To Grow At A CAGR Of 2.20% Over 2014–2018, Reaching A Total Of GBP829 Million In 2018

Gross written premiums for travel insurance were valued at GBP724 million in 2012, and an estimated GBP742 million in 2013.

Volatile premium growth was recorded during the review period (2008–2012), as demand was strongly influenced by the UK’s recessionary economic backdrop limiting demand for overseas travel. The compound annual growth rate (CAGR) registered during the review period was more stable at -0.53%.

UK residents made fewer trips abroad during the review period, with discretionary spending on holidays constrained by weak growth in earnings, employment uncertainty and rising travel costs, while businesses reduced budgets for corporate travel. A preference for domestic holidays induced a 12.5 million dip in the number of leisure and business trips abroad during the review period.

Medical costs represented 56% of travel insurance claims in 2012, and, despite fewer overseas trips being made, costs relating to claims have risen sharply.

The average medical claim totaled GBP900 in 2012, 50% higher than in 2004.

The reported refusal of the European Health Insurance Card (EHIC) in hospitals in Spain, Greece and Cyprus added to insurers’ cost burdens.

The travel insurance category is highly competitive and has become increasingly commoditized, with insurers competing on price to maintain market share. Online distribution – through direct and price-comparison website channels – is well established, and has fostered an increase in the number of low-cost internet-only brands. The underwriting capacity for these products is dominated by the 10 largest insurers in the category. Stronger UK economic growth from 2014 will spur an improvement in consumer confidence and spending to provide the impetus to growth in demand for travel insurance over the forecast period.

Gross written premiums are forecast to grow at a CAGR of 2.20% over 2014–2018, reaching a total of GBP829 million in 2018.

Opportunities exist to deepen penetration in the category. An aging population and trends for a more active retirement are increasing demand for travel insurance policies with no age limits.

A parliamentary review in 2013 found that 91% of travel policies available in the UK imposed an upper age limit, and age-related charities have begun lobbying for market changes. Customer education also allows insurers to highlight the shortfalls of the basic cover offered through the EHIC and Civil Aviation Authority compensation schemes.

Key Highlights

Gross written premiums topped GBP720 million in 2012 and 2013, Economic conditions discouraged overseas travel, Rising medical costs have increased claims, Internet sales are a major distribution channel, Premium growth will be maintained over 2014–2018, Penetration can be deepened through policy innovation and customer education. The Companies Mentioned in this report are ACE European Group Ltd Ageas (UK) Ltd AIG Europe Ltd Allianz Insurance Plc Aviva Plc Axa UK Plc Chubb Insurance Company of Europe SE Direct Line Insurance Group Plc Great Lakes Reinsurance (UK) Plc Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA.

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Defining International Assistance In 2014 And Beyond Part 1

 

In A Closed Door Exclusive Round Table Business Forum International Private Medical Insurance Magazine Spoke With Industry Leaders From The International Assistance Market.

The 1st In A Series Of VIP Assistance Round Table Business Forums, we focus on the definition of medical, travel and technical assistance services in 2014 including service capability, geographic reach, memorable cases, custom networks, the benefits of outsourcing and the adoption of new technology.

Featuring C-Level Executive Commentary From Allianz Global Assistance, Athens Assistance, Europ Assistance, Medic Assistance International, REUTER Consulting And Rowland Brothers.

International tourist arrivals grew by 5% in 2013, reaching a record 1,087 million arrivals. Despite the current global economic climate, international tourism results were well above expectations, with an additional 52 million international tourists travelling the world in 2013. For 2014 the UNWTO forecasts 4% to 4.5% growth, above the long term projections. Demand for international tourism was strongest for destinations in Asia and the Pacific (+6%), Africa (+6%) and Europe (+5%). The leading sub-regions were South-East Asia (+10%), Central and Eastern Europe (+7%), Southern and Mediterranean Europe (+6%) and North Africa (+6%). The UNWTO forecasts international arrivals to increase by 4% to 4.5% in 2014, again above its long-term forecast of +3.8% per year between 2010 and 2020.

“2013 was an excellent year for international tourism. The tourism sector has shown a remarkable capacity to adjust to the changing market conditions, fuelling growth and job creation around the world, despite the lingering economic and geopolitical challenges. Indeed, tourism has been among the few sectors generating positive news for many economies.”
Taleb Rifai UNWTO Secretary General

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Technical Assistance

Technical Assistance

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expat Life. Perhaps you are already established as a Expat living far from home on distant shores. Where ever you are now, understanding Technical Assistance requirements is vital to a safe, risk free Global Expatriate Life. Accidents do happen and when you least expect them.

Insuring you have the right type of Technical Assistance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient or no medical care.

Expats searching the internet to source, compare and select the best Technical Assistance for Overseas Assignments, Travel Abroad and Student Travel Programs are now covered by International Private Medical Insurance Magazines Online Technical Assistance company and plan guide.

Get the lowdown on who's who and which Technical Assistance companies you should trust with your life. Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about Technical Assistance to individual expatriates, expat groups, expatriate employers and Expat Health Insurance brokers and intermediaries. It is important to fully understand Technical Assistance requirements before you travel and insure you select the right and most appropriate Technical Assistance plan and cover for leisure, business, educational or health travel purposes.

Technical Assistance and Expatriate Healthcare Insurance and Healthcare comes in all shapes and sizes so be sure to do a complete comparison of the Technical Assistance plan, costs and fine print.

Make sure your Technical Assistance plan covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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Medical Assistance

Medical Assistance

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expat Life. Perhaps you are already established as a Expat living far from home on distant shores. Where ever you are now, understanding Medical assistance requirements is vital to a safe, risk free Global Expatriate Life. Accidents do happen and when you least expect them.

Insuring you have the right type of Medical assistance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient or no medical care.

Expats searching the internet to source, compare and select the best Medical assistance for Overseas Assignments, Travel Abroad and Student Travel Programs are now covered by International Private Medical Insurance Magazines Online Medical assistance company and plan guide. Get the lowdown on who's who and which Medical assistance companies you should trust with your life. Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about Medical assistance to individual expatriates, expat groups, expatriate employers and Expat Health Insurance brokers and intermediaries.

It is important to fully understand Medical assistance requirements before you travel and insure you select the right and most appropriate Medical assistance plan and cover for leisure, business, educational or health travel purposes. Medical assistance and Expatriate Healthcare Insurance and Healthcare comes in all shapes and sizes so be sure to do a complete comparison of the Medical assistance plan, costs and fine print. Make sure your Medical assistance plan covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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Roadside Assistance

Roadside Assistance

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expat Life. Perhaps you are already established as a Expat living far from home on distant shores. Where ever you are now, understanding Roadside assistance requirements is vital to a safe, risk free Global Expatriate Life. Accidents do happen and when you least expect them.

Insuring you have the right type of Roadside assistance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient or no medical care.

Expats searching the internet to source, compare and select the best Roadside assistance for Overseas Assignments, Travel Abroad and Student Travel Programs are now covered by International Private Medical Insurance Magazines Online Roadside assistance company and plan guide. Get the lowdown on who's who and which Roadside assistance companies you should trust with your life.

Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about Roadside assistance to individual expatriates, expat groups, expatriate employers and Expat Health Insurance brokers and intermediaries. It is important to fully understand Roadside assistance requirements before you travel and insure you select the right and most appropriate Roadside assistance plan and cover for leisure, business, educational or health travel purposes.

Roadside assistance comes in all shapes and sizes so be sure to do a complete comparison of the Roadside assistance plan, costs and fine print. Make sure your Roadside assistance plan covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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Legal Assistance

Legal Assistance

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expat Life. Perhaps you are already established as a Expat living far from home on distant shores.

Where ever you are now, understanding Legal assistance requirements is vital to a safe, risk free Global Expatriate Life. Accidents do happen and when you least expect them.

Insuring you have the right type of Legal assistance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient or no medical care.

Expats searching the internet to source, compare and select the best Legal assistance for Overseas Assignments, Travel Abroad and Student Travel Programs are now covered by International Private Medical Insurance Magazines Online Legal assistance company and plan guide. Get the lowdown on who's who and which Legal assistance companies you should trust with your life. Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about Legal assistance to individual expatriates, expat groups, expatriate employers and Expat Health Insurance brokers and intermediaries. It is important to fully understand Legal assistance requirements before you travel and insure you select the right and most appropriate Legal assistance plan and cover for leisure, business, educational or health travel purposes.

Legal assistance and Expatriate Healthcare Insurance and Healthcare comes in all shapes and sizes so be sure to do a complete comparison of the Legal assistance plan, costs and fine print. Make sure your Legal assistance plan covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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International Assistance

International Assistance

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expat Life. Perhaps you are already established as a Expatriate living far from home on distant shores. Where ever you are now, understanding International Assistance requirements is vital to a safe, risk free Global Expatriate Life. Accidents do happen and when you least expect them.

Insuring you have the right type of International Assistance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient or no medical care.

Expats searching the internet to source, compare and select the best International Assistance for Overseas Assignments, Travel Abroad and Student Travel Programs are now covered by International Private Medical Insurance Magazines Online International Assistance company and plan guide. Get the lowdown on who's who and which International Assistance companies you should trust with your life.

Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about International Assistance to individual expatriates, expat groups, expatriate employers and Expat Health Insurance brokers and intermediaries. It is important to fully understand Travel Assistance requirements before you travel and insure you select the right and most appropriate Travel Assistance plan and cover for leisure, business, educational or health travel purposes.

International Assistance comes in all shapes and sizes so be sure to do a complete comparison of the International Assistance plan, costs and fine print. Make sure your International Assistance plan covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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Travel Assistance

Travel Assistance

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expat Life. Perhaps you are already established as a Expat living far from home on distant shores. Where ever you are now, understanding Travel Assistance requirements is vital to a safe, risk free Global Expatriate Life. Accidents do happen and when you least expect them.

Insuring you have the right type of Travel Assistance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient or no medical care.

Expats searching the internet to source, compare and select the best Travel Assistance for Overseas Assignments, Travel Abroad and Student Travel Programs are now covered by International Private Medical Insurance Magazines Online Travel Assistance company and plan guide. Get the lowdown on who's who and which Travel Assistance companies you should trust with your life.

Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about Travel Assistance to individual expatriates, expat groups, expatriate employers and Expat Health Insurance brokers and intermediaries. It is important to fully understand Travel Assistance requirements before you travel and insure you select the right and most appropriate Travel Assistance plan and cover for leisure, business, educational or health travel purposes.

Travel Assistance and Expatriate Healthcare Insurance and Healthcare comes in all shapes and sizes so be sure to do a complete comparison of the Travel Assistance plan, costs and fine print. Make sure your Travel Assistance plan covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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UK Private Medical Insurance Company

UK Private Medical Insurance Company

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expatriate Life.

Perhaps you are already established as a Expatriate living far from home on distant shores. Where ever you are now, understanding UK Private Medical Insurance company requirements is vital to safe, risk free Global travel. Accidents do happen and when you least expect it. Insuring you have the right type of Private Medical Insurance plan from the right private medical insurance company will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient medical care.

Expatriates searching the internet to source, compare and select the best Private Medical Insurance company are now covered by International Private Medical Insurance Magazines Online UK Private Medical Insurance company guide.

Get the lowdown on who's who and which Private Medical Insurance companies you should trust with your life. Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about UK Private Medical Insurance companies and providers to individual expatriates, expat groups, expatriate employers and Expatriate Health Insurance brokers and intermediaries.

It is important to fully understand UK Private Medical Insurance requirements before you travel and insure you select the right and most appropriate Private Medical Insurance plan and cover for leisure, business, educational or health travel purposes. Private Medical Insurance companies do come in all shapes and sizes so be sure to do a complete comparison of the Private Medical Insurance company, plan, costs and fine print.

Make your Private Medical Insurance plan and company covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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Private Medical Insurance Company

Private Medical Insurance Company

You may be a frequent flyer business traveler, student, leisure or medical health tourist considering the Expatriate Life.

Perhaps you are already established as a Expatriate living far from home on distant shores. Where ever you are now, understanding Private Medical Insurance company requirements is vital to safe, risk free Global travel. Accidents do happen and when you least expect it. Insuring you have the right type of Private Medical Insurance plan from the right private medical insurance company will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient medical care.

Expatriates searching the internet to source, compare and select the best Private Medical Insurance company are now covered by International Private Medical Insurance Magazines Online Private Medical Insurance company guide.

Get the lowdown on who's who and which Private Medical Insurance companies you should trust with your life. Since 2009 International Private Medical Insurance Magazine has been providing mission critical news and information about Private Medical Insurance companies and providers to individual expatriates, expat groups, expatriate employers and Expatriate Health Insurance brokers and intermediaries.

It is important to fully understand Private Medical Insurance requirements before you travel and insure you select the right and most appropriate Private Medical Insurance plan and cover for leisure, business, educational or health travel purposes. Private Medical Insurance companies do come in all shapes and sizes so be sure to do a complete comparison of the Private Medical Insurance company, plan, costs and fine print.

Make your Private Medical Insurance plan and company covers you for costs relating to repatriation, emergency evacuation, medical and non medical transport services by ground ambulance or air ambulance.

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Medical, Healthcare, Expatriate And Travel Insurance

A guide to leading international medical, healthcare, expatriate and travel insurance underwriters, companies, providers, operating within leisure, expatriate and corporate travel business markets, globally.

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